INCOME TAXES |
3 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
NOTE 14 – INCOME TAXES
The Company’s effective tax rate for the three months ended January 31, 2024, and 2023, was 19.5% and (2.6)% respectively. In the Current Quarter our US companies realized a loss and therefore decreasing the Company’s effective income tax rate of 25.0% for the companies in the USA. However, in the Current Quarter as a result of the vesting of restricted stock awards, we recorded Deferred Tax Expense of $187,071. We have been recording the UK tax rate at 0.0% as we believe our R&D tax credits will offset any tax liability incurred. In the Current Quarter, we made a provision of 22.0% for our Danish Subsidiary and $42,500 for Global Intangible Low Tax Income (GILTI Tax).
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|